Beaufield Resources Inc. and Urbana Corporation (“Urbana”) (TSX and CSE: URB, URB.A) entered into a joint exploration agreement on their Urban Township properties in Quebec.
This joint exploration agreement consists exclusively of a line cutting program to be immediately followed by detailed Induced Polarization and Magnetometer geophysical surveying on both Urbana’s and Beaufield’s claims. This agreement is exclusively for the line cutting and geophysical surveying, not a total exploration agreement.
Beaufield has 24 claims covering 994 hectares in the immediate area.
Urbana and Beaufield have agreed to jointly explore and share the boundary information. Each party will retain 100% ownership of their respective properties. Beaufield has agreed to be the operator.
In the area, gold is known to occur alongside pyrite and chalcopyrite which can be detected by induced polarization techniques. The current survey will allow for better resolution and higher precision than any other historical surveys conducted on the properties. Results from the current work program will be compiled and interpreted with historical work to identify and prioritize drill targets.
Urban Township hosts numerous gold and base metal occurrences and is currently the focus of a significant gold program at Windfall Lake by Eagle Hill Exploration Corporation. The Windfall gold deposit is on strike with the Beaufield-Urbana properties and located 5 kilometres to the northeast of the current work.
This news release has been prepared by Jens E. Hansen, Eng., CEO, President and Director, and Mathieu Stephens, P.Geo, Chief Geologist, the Qualified Persons, as defined by National Instrument 43-101.
Beaufield is a mineral exploration company with its exploration activity focused in Quebec. Beaufield is well positioned to advance its portfolio of exploration properties and identify other potential opportunities in the mineral exploration or development stage. The Corporation is actively exploring, well financed, has no debt and has excess work credits on its properties.
About Urbana Corporation
Urbana Corporation is a closed-end investment company with current interests across the financial services sector from exchanges to banks to broker dealers and investment managers.
The goal of Urbana Corporation is to generate long term asset growth through a combination of public and private investments. The mix of an actively managed, liquid portfolio with private equity investments ensures non committed assets are productively employed as we seek out and evaluate opportunities in the non-public sphere. Many of the latter investments take time to mature and typically encompass high risk/high return characteristics.
Urbana Corporation, as a result of its permanent capital base, has both the scope and flexibility to act quickly as opportunities arise.
MI3 Financial Communications
Mario Drolet, President
Tel.: 514.904.1333 / Cell.: 514.346.3813
E-mail: [email protected]
Jens E. Hansen, President and CEO
E-mail: [email protected]